May 20, 2008
HP-987

Prepared Statement By Deputy Secretary Kimmitt
at Foreign Press Center Briefing

Washington - I thank President Bush for the opportunity to lead the Presidential Delegation to Bethlehem to attend the Palestine Investment Conference. The conference will take place May 21-23, 2008 and will feature an outstanding program that will bring together government officials and business leaders from all over the world to collaborate on how best to join forces to revive the Palestinian economy.

I will be joined at the conference by several other distinguished members of the delegation:

• John Sullivan, Deputy Secretary of the Department of Commerce
• Robert Mosbacher, Jr., President and Chief Executive Officer, Overseas Private Investment Corporation
• Larry W. Walther, Director, U.S. Trade and Development Agency
• Walter Isaacson, President and Chief Executive Officer, Aspen Institute, Chair,
  U.S.-Palestinian Partnership
• Dr. Ziad Asali, President & Founder, American Task Force on Palestine, Co-Chair,
  U.S.-Palestinian Partnership

The Annapolis process envisioned several tracks. There is a political track, the goal of which is to create a Palestinian state living side-by-side in peace with Israel. Those political negotiations are underway. There is another track that calls for the fulfillment of Roadmap obligations.

And, there is also an economic track, which is the one we are trying to advance through the Palestine Investment Conference. It is very important--and President Bush and Secretary Rice have focused significantly on this--to improve economic prospects for the Palestinian people to give the political process a chance to unfold.

The Conference is intended to spur investor interest in the Palestinian Territories by showcasing business opportunities and projects ready to be launched. The Palestinian Authority will educate and inform investors about the local business climate and demonstrate the growing potential for profitable business in the Palestinian territories.

At this conference, we will showcase Palestinian Prime Minister Fayyad's excellent economic management, as demonstrated through his timely implementation of the Palestinian Reform and Development Plan. We will also highlight the U.S. Government's commitment to catalyzing private sector growth in the West Bank and underscore the link between economic prosperity and political stability.